Select the Appropriate Term from the List That Best Matches

question 5

Essay

Select the appropriate term from the list that best matches to the definition.
A. Derived tax revenues
B. Exchange transactions
C. Nonexchange transactions
D. Imposed nonexchange transactions
E. Voluntary nonexchange transactions
_____ 1. Transactions in which the donor derives no direct tangible benefits from the recipient agency
_____ 2. A classification of nonexchange transaction, such as income or sales taxes
_____ 3. A category of nonexchange transaction that includes certain grants and entitlements and most donations
_____ 4. A category of nonexchange transactions, such as property taxes and most fines and forfeitures.

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Definitions:

Budgeted Revenues

Estimated income that an organization forecasts to receive over a certain period according to its budget plan.

Children's Clubhouse

A facility or program designed to provide recreational, educational, or social activities for children in a safe and engaging environment.

Reasonable Assurance

A high level of assurance provided by auditors indicating that financial statements are free from material misstatement, though not a guarantee.

Accrue

The accumulation or increase of something over time, especially payments or benefits that are recognized before cash is exchanged.